Political leaders in Washington say they are close to brokering a deal on a bipartisan package to rescue the economy.

They are in a hurry to get something done as a jittery world market grows more and more leery of a potential recession here at home.

Asian markets are on the rebound after two days of historic losses.

For the time being at least, it looks like the Fed's surprise rate cut helped soothe some of the anxieties both at home and abroad. But it has not stopped growing fears that the U.S economy is headed toward a recession.

"This is about a label," explained Ben Verwaayen, CEO of British Telecommunications. "Whether you call it a recession or not a recession, it is where we are. There are two things. It is the consumer and how they feel and it is the business and how they react on that."

Addressing concerns about the health of the economy, President Bush and congressional leaders say they are moving closer toward a plan to stimulate the economy.

"Everybody wants to get something done quickly, but we want to make sure it gets done right," Bush said. "And we want to make sure that everyone is realistic about a timetable."

"To get through the legislative process, we're going to have to start on it real soon," said Sen. Harry Reid, Nevada. "We're only going to be here three more weeks until we have the President's day recess and we need to have something on the President's desk by then."

The framework of the $150 billion plan is expected to rely heavily on tax breaks for American families and businesses. However, it will take months before either those planned rebate checks or the Fed's rate cut work their way into the economy.

Many financial advisors are urging investors not to panic, but to look over their investments and take a long-term view. For now, the markets are waiting to see when the worst will be over - and what kind of stimulus plan Washington delivers.